The DecenTrader Alpha
GM. Bitcoin continues its gradual pullback of the past couple of days, down to $42,200. Predator is red or amber across all high timeframes. In the news, the Federal Reserve keeps rates steady, potentially contributing to Bitcoin price weakness.
Past 24hr performance
What Just Happened
- Federal Reserve keeps rates steady, Bitcoin price drops.
- A UK Bitcoin laundering scandal deception uncovered.
- Celsius Network starts to pay out $3B to its creditors.
- FTX will return customer funds but FTX 2.0 no longer an option.
What’s Happening Now
Bitcoin is down -1.73% in the past 24hrs at a current price of $42,200. Ethereum is down more at -2.65%.
Bitcoin: Predator Thermal Vision remains red or amber on high timeframes 4H to 3D.
Ethereum: Predator Thermal Vision remains bearish across nearly all timeframes.
FOILS Bitcoin and Ethereum:
The combined FOILS daily outlook for both Bitcoin and Ethereum is BEARISH across nearly all metrics across both assets. With the exception of Ethereum funding rates being neutral, all other metrics are bearish.
Commando Intelligence – market weakness:
The relative current market weakness is highlighted by the 3 day average score of Commando. None of the top scorers even have a score above 1 at this time. Ethereum Classic (ETC) is the top scorer over the past 3 days with a Commando score of just 0.94.
What’s Next
Trend outlook:
The 3 Day Predator chart is red on the current candle. This has been the case since the Bitcoin ETF announcement.
Looking ahead to next week’s macro calendar:
Tuesday, February 6, 2024:
- Japan: Leading Economic Index
Wednesday, February 7, 2024:
- USA: Consumer Credit (Dec)
Thursday, February 8, 2024:
- European Union: ECB Economic Bulletin
- USA: Initial Jobless Claims
Friday, February 9, 2024:
- UK: GDP (Q4 – Preliminary)
- European Union: German GDP (Q4 – Preliminary)
- USA: University of Michigan Consumer Sentiment (Feb – Preliminary)
